We are currently holding the USO 40 MAR 11 Call and USO 40 MAR 11 Put. This will allow us to be InPlay for a weekend of uncertainty. USO has a weekly price range of 2.81 per share. Weekly Range: 37.79 low - 40.60 hi = 2.81. Added to current price: 39.68+ 2.81 = 42.49 or 39.68 - 2.81 = 36.87

Purchased USO MAR 40 Call
Purchased USO MAR 40 Put

Purchased AAPL 330 FEB 11 Put 1.06

Purchased AAPL 355 FEB 11 Call 1.12

Monday Feb 21 is a Market Holiday - Washington's Birthday

JDSU was a bad decision, all around...

Expired Worthless (No Selling)

Purchased JDSU 26.00 FEB 11 C .27

We thought that this company would been on the upside, at least for the first part of the morning, little did we know that Citigroup downgraded the stock in the morning. Techs started to their "TANKAGE"...

Open .11 to over 1.60 = nice payoff.

Sold AAPL 365 Feb 11 C 2.07

Purchased AAPL 365 Feb 11 C 1.70

Sold AAPL 360 Weeklys Call .27

Purchased AAPL 360 Weeklys Call .21

Apple was strong out the gate, however, once we got in it started to stall/move sideways. This was the most important reason, due to OpEx was today for these options. Friday's intended to be very explosive profits, but AAPL decided not to make the usual moves up or down.

AAPL was on a roar this morning and then late afternoon the AAPL drop to a downward roar only bounce back.

Sold AAPL 360 Weekly Put 4.41

Purchased AAPL 360 Weekly Put 3.94

Option Penny Pilot Program. The minimum increments for all classes in the Penny Pilot (except for the QQQQs, IWM and SPY) are: $0.01 for all options series below $3 (including LEAPS), and $0.05 for all option series $3 and above (including LEAPS). The minimum increment for all option series in QQQQ, IWM and SPY is $0.01.

• $0.01 for all option series below $3 (including LEAPS)
• $0.05 for all option series $3 and above (including LEAPS)

Go To https://www.cboe.org/hybrid/pennypilot.aspx

Click here for a .CSV file of Penny Pilot classes and listing issues.

Available Weeklys Options

Go To http://www.cboe.com/micro/weeklys/availableweeklys.aspx

Click here for a Weeklys Options listing issues.

We believe that investors would like to see strike price for option increments narrow, just like the spreads. "The retail clients are interested in trading options at or near the money," The implication of these desires is that the options industry is not out of the woods yet. CBOE also has 160,000+ strike prices now and is looking at increasing the book depth available to investors.

The increments between strike prices will vary depending on current stock price.

• Stock prices below $25 have options prices that are in $2.50 strike price increments.
• Stock prices above $25 are in $5.00 strike price increments.

Strike prices stay at $5.00 increments all the way up to $200, when they become $10 increments. Some very liquid and/or lower priced stocks have strike prices in $1.00 increments, as do many ETF's (Exchange Traded Fund) such as the QQQQ.

I love weekly options, in the fact they are like a lotto ticket. With every click of the mouse a trade is done, you have a chance of winning at least a couple thousand buckaroos -- or breakeven to flat.

Weekly options have a good percentage of odds in your favor, if done correctly. Best time to trade the weekly options is during the last two days of trading life of the option, which is on Thursday and Friday. This trade must be closed out before the closing bell on friday or you'll have a total loss of the weekly option.

AAPL Options Trading


Sold AAPL 345 Weekly Put .03

Purchased AAPL 345 Weekly Put .96
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Sold AAPL 345 Weekly Call 1.31

Purchased AAPL 345 Weekly Call 1.00
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Sold APPL 345 Weekly Put .60

Purchased APPL 345 Weekly Put .44

Gap range was pretty hugh with the news that they were selling the Insurance arm to another party.

BAC 14 Call, was purchase yesterday a loss and was sold today for a gain. BAC 14 put will expire worthless tomorrow on OpEx.